Condor Hospitality Trust Announces Sale of a Non-Core Legacy Hotel, the Comfort Suites in Fort Wayne, Indiana for $7.1 Million
Condor Hospitality Trust, Inc. (NYSE American: CDOR), a hotel-focused
real estate investment trust (REIT) headquartered and incorporated in
the state of Maryland, has announced the closing on the sale of a
legacy hotel asset, the 127-room Comfort Suites located at 5775 Coventry
Lane in Fort Wayne, IN, for $7.1 million. Net proceeds from the sale
will be applied to outstanding debt on the Company's $150 million
secured credit facility.
“With the sale of the Comfort Suites Fort Wayne, there are only two
legacy hotels owned by Condor,” said Bill Blackham, Condor's Chief
Executive Officer. “Of the two legacy assets remaining, one is being
actively marketed for sale and one is being evaluated for possible
redevelopment opportunities in order to maximize the potential sales
proceeds to Condor in a marketing process we expect to initiate sometime
in the third quarter. There can be no guarantee that either of these
planned dispositions will actually close. Since the beginning of 2015,
we have sold an aggregate of 53 legacy hotels generating over $160
million in gross proceeds and recycled the net proceeds into 14
high-quality select-service assets representing approximately $277
million in aggregate purchase consideration,” Mr. Blackham continued.
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